According to the CFA Standards, investment advisers should manage a client's portfolio as they would manage:

The rationale behind selecting the option that investment advisers should manage a client's portfolio as they would manage their own assets lies in the fundamental ethical principle of fiduciary duty. This duty emphasizes that investment advisers must prioritize their client's best interests above all else. By managing a client's portfolio with the same care, diligence, and commitment they would apply to their own assets, advisers are likely to consider factors such as risk tolerance, investment objectives, and long-term financial goals.

This approach fosters a high level of accountability and trust, as clients expect their advisers to act in a manner that reflects the same caution and responsibility one would naturally exhibit when handling personal investments. This principle also aligns with the CFA Institute’s Code of Ethics and Standards of Professional Conduct, which stipulates that members and candidates must place client interests above their own, ensuring that client assets are treated with the utmost diligence.

While the other options might suggest different perspectives on managing portfolios, they do not embody the same level of personal investment and responsibility that comes with managing one’s own assets.